Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Translated from the official Swedish version  
Interim report Q1 
2025

===== SIDA 2 =====

2 
Interim report Q1 
A MESSAGE OF STRENGTH IN CHANGING TIMES 
January – March 2025   
• Net sales for the quarter amounted to SEK 237 million 
(232). 
• Operating result amounted to SEK 14 million (4).   
• EBITDA amounted to SEK 32 million (20), with an EBITDA-
margin of 13,3 percent (8,6).1) 
• Result before income tax amounted to SEK 15 million (3). 
 
 • Net result for the period amounted to 16 million (4). 
• Earnings per share before and after dilution amounted to SEK 
0,02 (0,01).  
• Cash flow from current operations amounted to SEK 19 million 
(12). 
• ARR for the Marketing Partner business area amounted to SEK 
499 million (458).1) 
 
1)Alternative performance measures are reconciled on page 19 and defined on page 20. 
 
 
 
  
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Net sales 237 232 957 951
Operating result 14 4 81 72
EBITDA 32 20 154 143
Net result for the period 16 4 80 68
Cash flow from current operations 19 12 116 109
Q1
Significant events during the first quarter of 2025 
• On January 3, 2025, Eniro announced that the closing of the acquisition of Medialuotsi Oy had taken place on the same day. 
• On February 19, 2025, the Board decided to evaluate a separate listing of Dynava. 
• On February 21, Eniro announced that Stefan Liljedahl has been appointed as the new Interim Chief Financial Officer (CFO) 
during the ongoing recruitment process for a permanent CFO. Stefan assumed the position on March 10, 2025. 
Significant events after the end of the period 
• On April 2, 2025, the Svea Court of Appeal upheld the judgment of the District Court in Solna and allowed Kapatens Investment 
AB's appeal regarding the redemption of preference shares of series B. See page 8 for more information. 
• On April 9, the Board of Directors resolved new dates for the 2025 Annual General Meeting and the publication of the 2024 
Annual Report; see the Financial Calendar on page 21.

===== SIDA 3 =====

3 
 
CEO update 
A MESSAGE OF STRENGTH IN CHANGING TIMES 
Our focused efforts to improve our customer offering and thereby 
increase profitability have continued to pay off. During the first quarter 
of the year, we have achieved a very positive financial development, 
despite a continued challenging business environment. 
I am proud to note that the first quarter of 2025 is the sixth 
consecutive quarter with an improved EBITDA margin.  
This is clear evidence that our investments in product development, 
customer value-driving initiatives and operational efficiency are having 
an effect. EBITDA increased by 60% to SEK 32 million, corresponding 
to an improved margin of 13%. Cash flow from operating activities 
amounted to SEK 19 million (12), with an impact from working capital 
of SEK -12 million (-5). The integration of Medialuotsi has been 
completed according to plan and the company contributed SEK 13 
million in sales and SEK 1.2 million in EBITDA during the quarter. 
Eniro's positioning in a new technological landscape 
We are at the dawn of a new era where AI is not only enhancing what 
we do - it is also reshaping the way value is created in society. This will 
affect the future of knowledge work and we see it as both an 
obligation and an opportunity to invest in this.  
We see innovation as a strategic investment portfolio - where returns 
are measured in technological capabilities, customer value and long-
term growth. Our ambition is to combine the strength of a robust core 
business with the power of innovative initiatives, thereby contributing 
to a sustainable and competitive Nordic business community. 
At the same time, we are inspired by the growing AI agenda in Europe. 
The Nordic region must not be left behind - it is crucial that we build 
linguistically and culturally embedded solutions that strengthen our 
technological sovereignty. As a leading digital partner to tens of 
thousands of small and medium-sized enterprises, we see it as our 
role to make advanced technologies accessible, understandable and 
value-creating for local stakeholders. 
Digital tools strengthen our local presence 
The macro environment is still characterized by high inflation and 
reduced purchasing power, which affects consumption patterns. More 
people are choosing to shop locally, sustainably and locally - and this 
is where Eniro makes a real difference. With the Nordic region's 
leading search services and with Team Robin - the Nordic region's 
largest media agency - we enable small and medium-sized companies 
to reach out with digital precision and local anchoring. We see that 
more consumers want to shop Nordic, but lack the tools to find the 
products. That's where we come in - with the mission to connect local 
businesses with the right target audience, both geographically and 
digitally. 
Our focus on AI, automation and digital transformation will further 
strengthen our position. 
During the quarter, we achieved an ARR of almost SEK 499 million, an 
increase of 9 % compared to last year - a clear result of our customer-
centric innovation work. 
The future: courage, renewal and value creation 
We stand on a strong foundation. Profitability is improving, customer 
value is increasing, and we are continuously strengthening our 
innovation capabilities. This gives us great opportunities to accelerate 
growth going forward. The strong start to 2025 is proof that our 
strategy is working. Our investments in digital innovation, AI and 
operational excellence are paying off - both internally and externally. 
Most importantly, our customers see the value and experience 
improvements in their collaboration with us. 
In April, we received a negative decision from the Svea Court of 
Appeal in the case concerning Kapatens Investment AB's complaint 
against the redemption of preference shares. It is important to 
emphasize that this will most likely not affect our operational activities 
or our strategic direction. We remain fully focused on delivering value 
to our customers and shareholders. 
New business and structural efficiencies in Dynava 
During the quarter, Dynava has taken important steps to strengthen 
its position as a leading player in customer experience and 
outsourcing in the Nordic region. With Dynava Lab as a driving 
innovation engine, where we develop new AI-based solutions to meet 
the market's growing demands for both accessibility and cost-
efficiency, we have already won new clients. In Finland, which is 
Dynava’s largest market, we have initiated an operational and strategic 
cost-saving program. The planned streamlining efforts are in line with 
our other strategic efficiency improvements and operational 
enhancements within the Eniro Group. 
In a fast-changing environment, we are not immune but resilient. We 
have a multi-faceted business model with value-creating products and 
relevant offerings that create value for our customers even in troubled 
times. 
I would like to extend my sincere thanks to our shareholders, 
customers and employees for your trust and your commitment.  
Together, we look forward to creating an even stronger and more 
successful 2025! 
 
 
 
Hosni Teque-Omeirat 
President and Chief Executive Officer

===== SIDA 4 =====

4 
 
 
 
Financial overview  
January – March 2025 
Net sales  
Net sales for the first quarter amounted to SEK 237 million 
(232), an increase by SEK 5 million compared to last year, 
equivalent to 2 percent. Within the Marketing Partner business 
area, net sales increased by SEK 11 million, equivalent to 8 
percent compared to the previous year. The increase is 
primarily explained by the acquisition of Medialuotsi. The net 
sales of the Dynava business area decreased by SEK 5 million, 
corresponding to a 6% decline compared to the previous year, 
primarily due to continued volume reductions in directory 
assistance services. Currency translation effects impacted total 
net sales by SEK -1 million (-2). 
Geographically, revenue distribution was as follows: Sweden 
SEK 125 million (118), Norway SEK 26 million (27), Denmark 
SEK 31 million (34) and Finland SEK 55 million (52). 
Operating result 
Operating result amounted to SEK 14 million (4).  Currency 
translation effects impacted operating result by SEK 0 million 
(0). 
The Group's operating expenses, excluding depreciation, 
amortization and impairment, amounted to SEK -211 million (-
214). Currency translation effects impacted operating expenses 
excluding depreciation and amortization by SEK 1 million (2).  
The Group's total depreciation and amortization amounted to 
SEK-18 million (-16) of which -8 million (-8) refers to tangible 
fixed assets and -10 million (-8) refers to intangible assets. 
Currency translation effects impacted total depreciation and 
amortization by SEK 0 million (0). 
EBITDA 
The Group’s EBITDA amounted to SEK 32 million (20), 
corresponding to an EBITDA margin of 13,3 percent (8,6). The 
improved EBITDA is primarily attributable to efficiency 
improvements within the Marketing Partner business area. 
Currency translation effects impacted EBITDA by 0 million (0). 
Net financial items 
Net financial items amounted to SEK 3 million (-4) and mainly 
consist of interest on pension liabilities of -2 MSEK (-2) and 
foreign exchange differences on intra-group loans of 4 MSEK 
(-2), with exposure to NOK, DKK, and EUR. 
Result before and after tax  
Result before tax amounted to SEK 15 million (3). Net result 
(after tax) amounted to SEK 16 million (4).   
Net sales 
237 MSEK 
 
  
 
Operating result 
14 MSEK 
 
  
 
EBITDA 
32 MSEK 
 
  
242 239 238 240 232 245 235 239 237
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
MSEK
-1 -19
23
2 4 12
32
24
14
-20
-10
0
10
20
30
40
50
60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
MSEK
20 0
45
22 20
30
50
42
32
0
10
20
30
40
50
60
70
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
MSEK

===== SIDA 5 =====

5 
 
 
 
Cash flow 
Total cash flow for the period amounted to SEK -1 million (0). 
Cash flow from current operations amounted to SEK 19 million 
(12), where-of change in working capital was SEK -12 million (-
5).  
Cash flow from investing activities amounted to SEK -11 
million (-4), and mainly relates to the acquisition of the 
subsidiary Medialuotsi Oy, SEK -9 million (0), as well as 
capitalized development costs and general IT purchases, SEK -
3 million (-4). 
Cash flow from financing activities amounted to SEK -9 million 
(-9) and pertains to the amortization of lease liability 
according to IFRS 16, SEK -7 million (-7), as well as the 
amortization of pension liability, SEK -1 million (-1).  
Liquidity and financial position  
Cash and cash equivalents amounted to SEK 158 million (166). 
The Group’s consolidated equity amounted to SEK 302 million 
(254). Equity ratio amounted to SEK 31,1 percent (26,8).  
The Group’s pension obligations amounted to SEK 278 million 
(290). For further information, see Note 4 on page 17.  
Employees 
The average number of full-time employees in the Group at 
the end of the period was 905 (904).  
Parent Company 
Net sales amounted to SEK 6 million (4) and relate to intra-
group services. Net result for the period amounted to SEK -8 
million (-3). As of March 31, the parent company's equity 
amounted to SEK 471 million (377), of which non-restricted 
equity amounted to SEK 172 million (78). 
Transactions with related parties 
Azerion holds 26.10 percent of the voting rights in Eniro Group 
AB and is therefore considered a related party. 
Transactions with Azerion during the first quarter of 2025 
include revenues for Eniro amounting to SEK 3 million, as well 
as outstanding receivables of SEK 3 million. All transactions 
have been conducted on commercial terms.  
Net result  
16 MSEK 
 
  
 
Cash flow from current 
operations 
 19 MSEK 
 
  
 
Equity ratio 
31,1% 
 
  
0
-29
16 10 4 5
30 29
16
-30
-20
-10
0
10
20
30
40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
MSEK
1 12
-15
53
12
35
-3
64
19
-20
-10
0
10
20
30
40
50
60
70
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
MSEK
32
29
32
28 27
23
25
30 31
0
5
10
15
20
25
30
35
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
%

===== SIDA 6 =====

6 
 
 
Segment reporting 
 
Marketing partner 
 
 The Marketing Partner business area offers micro, small, and medium-sized 
enterprises a comprehensive range of digital marketing services through both 
proprietary products and external partnerships, such as with Google and Facebook. 
The offering consists of seven products grouped into three clear needs: retaining 
customers, finding new customers, and becoming number one in their market. In 
Marketing Partner, our own search site products from our own marketplaces are 
gathered under a common brand, Robin, which replaces the previous brands; 
eniro.se, gulesider.no, krak.dk, dgs.dk, and 0100100.fi for third party products. 
 
Net sales for the quarter amounted to SEK 153 million (142), an increase of 8 
percent. The increase is primarily attributable to the acquisition of Medialuotsi. 
 
EBITDA for the quarter amounted to SEK 37 million (23) and operating result SEK 
24 million (12). The improved result for the quarter is a consequence of 
implemented efficiency measures. 
 
Share of Group’s net sales 
64,2% 
 
 
 
 
 
   
 
 
Dynava 
 
 The Dynava business area offers customer service and answering services, as well 
as directory inquiry services for major companies in the Nordic region. In the 
Finnish market, Dynava is one of the largest players in the contact center market, 
and in the Swedish market, it is a major player in traffic-related services and 
directory inquiries. 
 
Net sales for the quarter amounted to SEK 85 million (90), a decrease of 6 percent, 
primarily related to continued volume declines in directory assistance services 
 
EBITDA for the quarter amounted to SEK 0 million (2) and operating result SEK -6 
million (-3). 
 
Share of Group’s net sales 
35,8% 
 
 
 
 
 
   
 
  
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Net sales 153 142 592 581
EBITDA 37 23 157 143
EBITDA margin, % 24,1 16,0 26,5 24,5
Operating result 24 12 106 93
Q1
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Net sales 85 90 365 370
EBITDA -0 2 13 15
EBITDA margin, % -0,2 2,5 3,6 4,2
Operating result -6 -3 -9 -6
Q1

===== SIDA 7 =====

7 
 
Other 
 
 In this table, revenues and costs in the parent company that have not been allocated to the business areas Marketing 
Partner and Dynava are reported. 
 
 
   
 
 
Group 
 
 
 
 
   
 
  
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Net sales - - - -
EBITDA -5 -5 -16 -16
EBITDA margin, % - - - -
Operating result -5 -5 -16 -16
Q1
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Net sales 237 232 957 951
EBITDA 32 20 154 143
EBITDA margin, % 13,3 8,6 16,1 15,0
Operating result 14 4 81 72
Q1

===== SIDA 8 =====

8 
Other information 
Risks and uncertainties 
Eniro’s customers have a broad Nordic presence and represent 
a variety of industries. This diversification contributes to 
spreading risks, which is crucial for managing and controlling 
the business effectively. Eniro's ambition is to achieve a high 
level of risk awareness and well-developed risk management, 
which not only minimizes potential negative impacts but also 
identifies opportunities that can lead to positive business 
growth. 
Market-related risks 
Eniro's business operations are affected by a range of market-
related risks, including changing customer needs, economic 
fluctuations, geopolitical events, pandemics and financial 
crises. These factors can indirectly and directly affect the 
company's revenue and profitability. To mitigate these risks, 
Eniro relies on its diversified customer base that spans many 
industries and geographies. 
Global uncertainty has been increased by several factors, 
including international conflicts and economic challenges such 
as a weakening currency and economy. Eniro continues to 
actively manage these risks to minimise negative impact on 
the business and explore opportunities for growth and 
development despite these challenges. 
Inflation and high interest rates, leading to increased costs and 
reduced investment appetite among customers, represent 
additional risks. Eniro manages these through a mix of 
strategies that include long-term customer contracts, credit 
checks, prepayments and continuous evaluation of accounts 
receivable. 
Financial risks 
Eniro faces several financial risks, including currency risks, 
financing risks, interest rate risks, tax risks and other related 
financial challenges.  The Group's financial position is affected 
by fluctuations in the value of the Swedish krona, as Eniro 
manages revenue and expenses in multiple currencies and has 
intra-group receivables and liabilities in foreign currencies. 
These exchange rate fluctuations are detailed in the financial 
overview in this report, where a weakening of the Swedish 
krona generally favors net sales but has a negative effect on 
operating costs and only a marginal impact on operating 
profit. 
Eniro has no outstanding loans with credit institutions, which 
means that any interest rate increases have a limited impact 
on Eniro. 
For a more detailed description of significant risks and 
uncertainties, see the annual report for 2023, page 35 and in 
note 25 on page 56. 
Forward-looking statements, intangible assets and 
pension liabilities 
Information in this interim financial report that relates to 
future conditions or circumstances, including information 
about future performance, growth and other circumstances, 
and the effects and valuations of intangible assets and the 
Group's pension obligations, is forward-looking information. 
Forward-looking information is subject to risks and 
uncertainties because it relates to conditions and depends on 
circumstances that will occur in the future. Future conditions 
may differ materially from those expressed or implied in the 
forward-looking statements as a result of many factors, many 
of which are beyond the Company's control. 
Auditor's report 
This interim report has not been subject to review by the 
company’s auditors.  
Share structure 
The stock is traded under the ticker symbol ENRO. At the end 
of the period, the total number of shares was 746,182,472, of 
which 18,175,356 are owned by Eniro Group AB. There were no 
other share classes at the end of the period. 
Challenge of the resolution 
On December 1, 2022, Kapatens Investment AB filed a 
summons application with Solna District Court to challenge 
the resolution of the general meeting on September 12, 2022 
regarding the redemption of preference shares of series B. 
Kapatens Investment AB did not request an injunction, i.e. that 
the resolution of the general meeting should not be executed. 
The resolution, as well as other related general meeting 
resolutions, has thus been registered with the Swedish 
Companies Registration Office. The registration decisions have 
not been appealed. All resolutions at the general meeting have 
subsequently been executed. The company now has only one 
class of shares, with equal rights to capital, dividends and 
votes. Kapatens Investment AB has, in addition and in 
connection with the appeal, filed an appeal regarding the 
dividend decisions made at the annual general meetings 2023 
and 2024 as well as parts of the decision on the amendment of 
the articles of association, these cases are declared dormant 
pending the final resolution of the original appeal.  
Solna District Court granted Kapatens Investment AB's appeal 
of December 1, 2022 by judgment on June 28, 2024. Svea 
Court of Appeal upheld the District Court's judgment on April 
2, 2025. The Board of Directors has decided to appeal the 
judgment and apply for leave to appeal to the Supreme Court.  
With the support of external legal advice, the company's board 
of directors has continued to assess that Kapatens Investment 
AB's appeal will not entail any change to the current share 
structure. This is justified by the fact that all of the decisions 
related to the redemption of former preference shares of 
series B have been registered with the Swedish Companies 
Registration Office and executed through the payment of 
redemption proceeds, the issuance of newly subscribed 
ordinary shares through set-off of redemption proceeds or 
cash payment and the conversion of preference shares of 
series A into ordinary shares. The Company's external advisors 
have assessed that these enforcement measures in a CSD 
whose shares are subject to daily trading on the stock market 
are not possible to restore. The Company's external advisors

===== SIDA 9 =====

9 
have stated that this is ultimately a consequence of the fact 
that no enforcement obstacles were directed against the 
decisions by either Kapatens Investment AB, the court or the 
Swedish Companies Registration Office.  
Neither the Swedish Companies Registration Office's nor 
Euroclear's assessments of the consequences of the Court of 
Appeal's judgment gaining legal force are yet available. 
In addition, in July 2023, Kapatens Investment AB submitted a 
claim against the company for SEK 43,249,500 in addition to 
its appeal of the decision of the general meeting on 
September 12, 2022 regarding the redemption of the 
company's previously issued preference shares of series B. The 
claim has been rejected as groundless, and the Board of 
Directors' assessment is that the claim made does not give rise 
to any provision in the company's balance sheet. This is also 
confirmed by the fact that Kapetens Investment AB has not 
made the aforementioned claim in the ongoing court 
proceedings but has only claimed compensation for legal 
costs.  
If the Court of Appeal's judgment becomes final, it is likely that 
the two previously suspended proceedings regarding the 
dividend decision and amendment of the articles of 
association will be resumed.  
The Board's previous assessment that the ultimate 
consequence for the company of the Court of Appeal's 
judgment gaining legal force is, based on external legal advice, 
that the company must bear Kapatens Investment AB's legal 
costs for the appeal process remains. These costs currently 
amount to just over SEK 3 million, which have been recognized 
as an expense. 
The Company's external advisors have emphasized that every 
governmental and court proceeding, regardless of type, always 
contains a “process risk”, which is why the Company continues 
to investigate these issues in order to continuously assess 
whether and when there is reason to make a different 
assessment regarding the consequences of the disputes with 
Kapatens Investment AB. 
Warrants 
At the annual general meeting held on 11 May 2023, it was 
resolved to issue a maximum of 37,000,000 warrants of series 
TO 2023 (‘Warrants 2023’), which in turn will entitle the holder 
to subscribe for new shares in the Seller in accordance with 
the terms and conditions of Warrants 2023 adopted by the 
said annual general meeting (for more information on the 
terms and conditions please, see the tab ‘General Meetings’ - 
‘Previous General Meetings’ at www.enirogroup.com). The 
Annual General Meeting held on 29 May 2024 decided to 
extend the period during which participants may apply for 
participation until 30 September 2024. 
All Warrants 2023 were subscribed for by Eniro Group AB itself 
and have been offered to employees within the Eniro Group, 
all 37,000,0000 Warrants 2023 have subsequently been 
subscribed for. The Warrants 2023 were valued, in accordance 
with the terms and conditions, by an independent party 
according to the Black & Scholes valuation model. 
Subscription of shares shall, according to the terms and 
conditions, take place during the period from 1 June 2026 up 
to and including 30 June 2026. Each warrant will entitle the 
holder to subscribe for one share at a cost of SEK 1.09. Upon 
exercise of all 37,000,000 Warrants and without taking into 
account any recalculation of Warrants 2023, Warrants 2023 will 
increase the share capital by a maximum of SEK 14,800,000 
and a maximum dilution corresponding to approximately 5 
percent. 
CSRD 
Starting January 1, 2025, Eniro will begin reporting in 
accordance with the Corporate Sustainability Reporting 
Directive (CSRD). The implementation work for CSRD has 
already commenced.

===== SIDA 10 =====

10 
Consolidated income statement 
Other comprehensive income statement 
 
LTM Full-year
MSEK Note 2025 2024 apr-Mar 2024
Net sales 3 237 232 957 951
Other operating revenue 5 3 16 14
Capitalized work for own account 2 2 8 8
Purchase of goods and services -25 -22 -110 -108
Other external expenses -45 -52 -160 -167
Personnel costs -140 -142 -552 -554
Other operating expenses  -3 -0 -5 -2
Depreciations, amortizations and write-downs of
 - tangible fixed assets -8 -8 -32 -33
 - intangible assets -10 -8 -41 -38
Operating result 2 14 4 81 72
Results from participations in associated companies -2 3 -11 -6
Finance income 5 0 14 8
Finance costs -3 -5 -15 -16
Result before income tax 15 3 69 57
Income tax for the period 1 1 11 10
Net result for the period 16 4 80 68
Of which attributable to:
Equity holders of the Parent 16 4 80 68
Non-controlling interests 0 0 0 0
Net result for the period 16 4 80 68
Earnings per share 0,02 0,01 0,11 0,09
Q1
LTM Full-year
KSEK Note 2025 2024 apr-Mar 2024
Net result for the period 16 4 80 68
Other comprehensive income
Items that will not be reclassified to profit or loss:
Actuarial gains/losses attributable to pensions 4 18 -23 13 -29
Items that may be reclassified to profit or loss
Translation differences related to foreign operations  -15 3 -14 4
Other comprehensive income, net of tax 3 -20 -1 -25
Comprehensive income for the period 19 -16 78 43
Of which attributable to:
Equity holders of the Parent 19 -16 78 43
Non-controlling interests (incl translation 
differences)  0 0 -0 0
Comprehensive income for the period 19 -16 78 43
Q1

===== SIDA 11 =====

11 
Consolidated balance sheet 
 
 31 Dec
MSEK Note 2025 2024 2024
Assets
Fixed assets
Right of use asset  20  38  22
Other tangible assets  7  10  9
Intangible fixed assets 2  548  506  519
Deferred tax assets  17  9  17
Financial assets  60  73  63
Total non-current assets  653  637  629
Current assets
Accounts receivable  67  66  70
Other current receivables  94  79  88
Cash and cash equivalents  158  166  163
Total current assets  320  311  322
Total assets  972  948  951
Equity and liabilities
Equity
Share capital  298  298  298
Reserves - 292 - 277 - 277
Shareholder contributions/retained earnings  295  232  261
Equity attributable to equity holders of the Parent  302  253  283
Non-controlling interests -  1  1
Total equity  302  254  284
Non-current liabilities
Lease liabilities  10  18  11
Employee benefits obligations 4  278  290  296
Other non-current liabilities  6  8  5
Total non-current liabilities  293  315  312
Current liabilities
Lease liabilities  12  23  13
Other current liabilities  364  355  341
Total current liabilities  377  378  355
Total equity and liabilities  972  948  951
31 Mar

===== SIDA 12 =====

12 
Change in consolidated equity 
 
1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS .   
MSEK 
Share 
capital 
Other 
contribut
ed capital  Reserves 
Retained 
earnings Total 
Non-
controlling 
interests 
Total 
equity 
Opening balance Jan 1 2024 298 5 860 -281 -5 609 269 1 270
Net result for the period - - - 4 4 0 4
Translation differences related to foreign operations - - 3 - 3 0 3
Actuarial gains/losses - - - -23 -23 - -23
Total Comprehensive income - - 3 -19 -16 0 -16
Transactions with owners
Total transactions with shareholders - - - - - - -
Closing balance Mar 31 2024 298 5 860 -277 -5 628 253 1 254
Opening balance Jan 1 2024 298 5 860 -281 -5 609 269 1 270
Net result for the period - - - 68 68 -0 68
Translation differences related to foreign operations - - 4 - 4 -0 4
Actuarial gains/losses - - - -29 -29 - -29
Total Comprehensive income - - 4 39 43 -0 43
Other
Premiums for warrants - - - 0 0 - 0
Total other - - - 0 0 - 0
Transactions with owners
Dividend paid to equity holders of the Parent - - - -29 -29 0 -29
Total transactions with shareholders - - - -29 -29 0 -29
Closing balance Dec 31 2024 298 5 860 -277 -5 599 283 1 284
Opening balance Jan 1 2025 298 5 860 -277 -5 599 283 1 284
Net result for the period - - - 16 16 0 16
Translation differences related to foreign operations - - -15 - -15 0 -15
Actuarial gains/losses - - - 18 18 - 18
Total Comprehensive income - - -15 34 19 0 19
Transactions with owners
Dividends paid to non-controlling interests in 
subsidiaries¹ - - - - - -1 -1
Total transactions with shareholders - - - - - -1 -1
Closing balance Mar 31 2025 298 5 860 -292 -5 565 302 0 302

===== SIDA 13 =====

13 
Consolidated cash flow statement 
 
1)Refers to dividend to non-controlling shareholders in connection with the liquidation of the subsidiary 1880 Nummeropplysningen AS .   
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Operating activities 
Operating result  14  4  81  72
Depreciation and amortization  18  16  73  71
Other non-cash items - 0 - 3 - 3 - 6
Financial items, net  0  0  4  4
Paid tax - 0  0 - 1 - 1
Cash flow from current operations before changes in 
working capital 
 31  17  154  140 
Changes in working capital - 12 - 5 - 38 - 31
Cash flow from current operations  19  12  115  109
Investing activities
Acquisition of subsidiary - 9 - - 9 -
Purchases of non-current assets - 3 - 4 - 48 - 49
Repayment of deposits  1 -  1  0
Cash flow from investing activities - 11 - 4 - 56 - 49
Financing activities
Repayment of pension liabitity - 1 - 1 - 4 - 4
Lease payments - 7 - 7 - 29 - 29
Dividend paid to equity holders of the Parent - - - 29 - 29
Dividends paid to non-controlling interests in 
subsidiaries¹
- 1 - - 1 -
Cash flow from financing activities - 9 - 9 - 63 -62
Cash flow for the period - 1  0 - 3 -2
Cash and cash equivalents at the beginning of the 
period
 163  164  166  164
Cash flow for the period - 1  0 - 3 - 2
Exchange difference in cash and cash equivalents - 4  2 - 4  1
Cash and cash equivalents at the end of the period  158  166  158  163
Q1

===== SIDA 14 =====

14 
Condensed Parent Company Income statement 
 
 
 
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Net sales  6  4  16  14
Other external expenses - 10 - 5 - 22 - 17
Personnel costs - 5 - 3 - 13 - 11
Other operating expenses - 0  0 - 0 - 0
Depreciations, amortizations and write-downs of - -
 - tangible fixed assets - 0 - - 0 - 0
Operating result - 8 - 4 - 19 - 14
Finance income  0  1  142  142
Finance costs - - - 0 - 0
Result before income tax - 8 - 3  123  128
Income tax for the period - - - -
Net result for the period - 8 - 3  123  128
Q1

===== SIDA 15 =====

15 
Condensed Parent Company balance sheet 
 
  
 31 Dec
MSEK 2025 2024 2024
Assets
Fixed assets
Other tangible assets 0 - 0
Shares in subsidiaries 323 323 323
Financial assets 25 25 25
Total non-current assets 348 348 348
Current assets
Other current receivables 153 58 163
Cash and cash equivalents 7 7 4
Total current assets 160 65 167
Total assets 508 413 515
Equity and liabilities
Equity
Restricted equtiy
Share capital 298 298 298
Non-restricted equity
Retained earnings 180 81 52
Net result for the period -8 -3 128
Total equity 471 377 479
Non-current liabilities
Employee benefits obligations 32 32 32
Total non-current liabilities 32 32 32
Current liabilities
Other current liabilities 5 4 4
Total current liabilities 5 4 4
Total equity and liabilities 508 413 515
31 Mar

===== SIDA 16 =====

16 
Notes 
Note 1. Accounting principles 
This report has been prepared in accordance with the Accounting Standard IAS 34 Interim Financial Reporting.  
The report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Swedish Financial 
Reporting Board's recommendation RFR 2.  
The accounting policies applied in this interim report are consistent with those of the annual report for the year ended 31 
December 2023, which was prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC 
interpretations endorsed by the European Union (EU) and should be read in conjunction with them. 
Note 2. Intangible assets  
Goodwill 
 
Intangible assets (excl. goodwill) 
 
Impairment testing 
An assessment of the value of the Group’s intangible assets is performed annually at the end of the third quarter, as well as when 
there are indications of impairment. The annual impairment test was conducted in the third quarter of 2024 and did not result in 
any impairment. No indications of impairment have been identified since then. For further information regarding the Group’s 
impairment testing methodology, refer to Note 7 in the 2023 Annual Report
Note 3. Revenue recognition (IFRS 15) 
The core principle is that the Group recognizes revenue in a manner that best reflects the transfer of control of the promised 
service to the customer. Through a five-step model, the Group's contracts with customers may include various performance 
obligations identified as service revenue and subscription revenue. 
 31 Dec
MSEK 2025 2024 2024
Opening balance 444 442 442
Business acquisitions 38 - -
Impairments - - -
Translation differences -10 1 3
Net carrying amount 473 443 444
31 Mar
 31 Dec
MSEK 2025 2024 2024
Opening balance 74 68 68
Acquisitions/Capitalized work 2 2 44
Business acquisitions 8 - -
Disposals - - -0
Depreciations -10 -8 -38
Translation differences -0 1 2
Net carrying amount 75 63 74
- -
IT investments 46 24 49
Brands 10 25 14
Customer relations 17 15 11
Other intangible assets 1 0 0
Total intangible assets (excl goodwill) 75 63 74
31 Mar

===== SIDA 17 =====

17 
Timing of revenue recognition (IFRS) 
 
External revenues by category and segment 
 
External revenues by country  
 
Note 4. Pension obligations 
Revaluation of pension obligations in Other comprehensive income 
The valuation of defined benefit pension plans has been carried out in accordance with IAS 19. 
An actuarial gain of SEK +18 million (-23) has arisen as of March 31, 2025. This gain is a result of changed assumptions regarding 
the discount rate and inflation. The valuation of pension obligations for the first quarter of 2025, carried out by external experts, is 
based on several assumptions where the discount rate is 3.9 percent (3.6) and inflation and long-term increase in pensions are 1.8 
percent (1.7). The discount rate is based on the market interest rate on mortgage bonds with a duration corresponding to the 
average remaining maturity of the obligation. 
  
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Over time 131 117 484 470
At point in time 106 115 473 481
Total revenues 237 232 957 951
Q1
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Subscription revenues 131 117 484 470
Other digital marketing revenues 21 25 108 111
Total Marketing partner 153 142 592 581
Dynava 85 90 365 370
Total Dynava 85 90 365 370
Total revenues 237 232 957 951
Q1
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Sweden 125 118 499 492
Norway 26 27 111 113
Denmark 31 34 137 141
Finland 55 52 208 205
Total revenues 237 232 957 951
Q1

===== SIDA 18 =====

18 
Note 5. Purchase Price Allocation 
On January 3, 2025, Eniro acquired 100 percent of the shares in Medialuotsi OY, a leading Finnish digital marketing agency, for a 
preliminary cash purchase price of SEK 36 million. 
The results, assets, and liabilities of the acquired company have been consolidated as of January 3, 2025. 
Effects of the Acquisition of Medialuotsi Oy 
The net assets of the acquired company included in the preliminary purchase price allocation are as follows: 
 
 
 
 
 
 
 
Acquisition-related expenses amount to approximately SEK 2 million. These acquisition costs are recognized within other 
operating expenses in the Group’s income statement and in cash flow from operating activities. 
Allocation of Surplus Value in the Preliminary Purchase Price Allocation 
The identified surplus value of SEK 48 million has been allocated as follows: SEK 8 million to customer relationships and the 
remaining SEK 40 million to goodwill. The goodwill is primarily attributable to expected future synergies, such as a combined 
workforce and new customer contracts. 
Purchase Price 
The preliminary purchase price amounts to SEK 36 million and will be paid in three installments. An initial payment of SEK 17 
million was made on the closing date. The remaining amount will be settled in two additional installments within one year from 
the acquisition date. There is no earn-out related to the acquisition; the deferred payments represent fixed portions of the agreed 
purchase price. 
Pro Forma Result 
Revenue and expenses for Medialuotsi for the period January 1–2, 2025, are considered immaterial and are therefore not 
presented. The table below presents the revenue and profit of Medialuotsi from the acquisition date, January 3, 2025, through 
March 31, 2025. 
 
 
 
 
 
 
Group,, MSEK Fair value 
Intangible assets: Customer relationships 8 
Accounts receivable and other current 
receivables 4 
Cash and cash equivalents 7 
Deferred tax liability -2 
Accounts payable and other current liabilities -23 
Net identifiable assets and liabilities -5 
Goodwill 40 
Acquired net assets 36 
Group, MSEK Fair value 
Total purchase consideration 36 
Cash purchase consideration paid on 
acquisition date 
17 
Group, MSEK 250103–250331 
Net sales  13 
Operating result 1 
Financial net and tax 0 
Net result 1

===== SIDA 19 =====

19 
Other key performance indicators 
 
Reconciliation Alternative Performance Measures 
Reconciliation between Operating result and EBITDA 
 
 
  
Full-year
Key figures 2025 2024 2024
Equity ratio, % 31,1 26,8 29,9
ARR for business area Marketing Partner, MSEK  499  458  489
Average number of shares outstanding, thousands 728 007 728 007 728 007
Share price at end of period, SEK 0,52 0,60 0,45
Jan-Mar
LTM Full-year
MSEK 2025 2024 apr-Mar 2024
Operating result  14  4  81  72
Depreciations  18  16  73  71
Writedowns - - - -
Total EBITDA  32  20  154  143
EBITDA margin, % 13,3 8,6 16,1 15,0
Q1

===== SIDA 20 =====

20 
Definitions of key performance indicators 
Eniro presents certain financial measures that are not defined under IFRS. Eniro believes that these measures provide valuable 
supplementary information to investors and management as they enable evaluation of the Group's performance and financial 
position. As not all companies calculate financial measures in the same way, these are not always comparable with measures used 
by other companies. Therefore, these financial measures should not be considered as a substitute for the measures defined under 
IFRS. 
Financial IFRS Measures 
Key ratio Definition 
Earnings per share Net result attributable to equity holders of the parent divided by the 
average number of outstanding shares.  
 
 
Alternative performance measures 
Key ratio Definition Purpose 
EBITDA Operating result before depreciations, amortizations and 
write-downs of tangible and intangible fixed assets.  
This key ratio is used to monitor the operational 
activities. 
EBITDA margin (%) EBITDA in relation to net sales. This key ratio is used to measure operational 
profitability and indicates the Group's cost 
efficiency 
Operating expenses excluding 
depreciation and amortization 
The sum of Capitalized work for own account, Purchases of 
goods and services, Other external expenses, Personnel costs, 
and Other operating expenses 
The key ratio is used to measure and analyze 
the total operating expenses of the business. 
Equity ratio (%) Equity ratio indicates the proportion of assets financed by 
equity. The size of equity in relation to other liabilities 
describes the Group's long-term solvency. Equity for the 
period, not the average, is used for the calculation. 
This key ratio reflects the company's financial 
position. A strong equity ratio provides the 
ability to handle periods of economic downturn 
and ensures financial preparedness for growth. 
ARR for the business area 
Marketing Partner 
Annual Recurring Revenue (ARR) consists of the monthly value 
of subscription revenues from digital marketing services as of 
the last day of the period, converted to 12 months and valued 
at the exchange rate on the balance sheet date. This measure 
does not include orders received during the period that have 
not yet started to be invoiced, but it does include orders that 
have been canceled but will end in a future period. 
ARR is a metric used to evaluate the recurring 
revenue of the Marketing Partners business 
area.

===== SIDA 21 =====

Financial Calendar 
Annual report 2024  April 25, 2025 
Annual general meeting 2025 May 28, 2025 
Q2 Interim Report 2025  July 18, 2025 
Q3 Interim report 2025  November 5, 2025  
Year-end Report 2025  February 2026  
 
For more information, please contact: 
Hosni Teque-Omeirat 
President and Chief Executive Officer 
hosni.teque-omeirat@eniro.com 
+46 (0)70-225 18 77 
ir@eniro.com 
+46 (0)8 553 310 00 
Eniro Group AB (publ)  
Box 4085 
SE-169 04 Solna 
Org.nr.: 556588-0936 
www.enirogroup.com 
 
This information is information that Eniro Group AB (publ) is 
obliged to make public pursuant to the EU Market Abuse 
Regulation. The information was submitted for publication, 
through the agency of the contact person set out above, at 
08.20 CET on 23 April 2025. 
Eniro exists for companies that want to achieve success and growth in their market. Today, Eniro optimizes the opportunity for 
companies to create local presence, searchability and marketing digitally. This makes Eniro an important partner for small and 
medium-sized companies. The company's clear goal is to give SMEs the same conditions and resources that large companies have 
access to. Eniro offers a platform that optimizes local marketing through intelligence, automation and streamlining of 
communication. In the digital landscape, Eniro partners with the largest media groups in the world. 
 
Eniro Group AB (publ) is listed on Nasdaq Stockholm (ENRO) and operates in Sweden, Denmark, Finland and Norway. In 2024, the 
Eniro Group had sales of SEK 951 million and approximately 900 employees with headquarters in Stockholm. The group also 
includes Dynava, which offers customer service and answering services for major companies in the Nordic region, as well as 
directory enquiry services.  
 
 
© ENIRO GROUP AB, 2025